The majority of counties in the United States define a Jumbo Mortgage as a loan amount over $424,100. However, some areas with higher home prices such as New York, San Francisco, and Los Angeles may see Jumbo loan amounts as high as $636,150 due to higher home prices. The conforming loan limits are set by Fannie Mae and Freddie Mac and are revised from time to time depending on market conditions.
The guidelines for Jumbo loans vary, but typically require a slightly larger down payment than a conforming mortgage. These mortgages also require a higher credit score and more reserves to qualify. Jumbo rates are usually slightly higher than a conforming mortgage, but in recent years the difference has been drastically reduced. A common alternative is a 1st and 2nd mortgage, giving you the ability to have a 1st mortgage with a lower rate and conforming guidelines. We can analyze all the options and help you explore the best option for your needs.
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